Lyft’s Initial Public Offerings has already been oversubscribed and is likely to surpass its target of $23 billion; this is according to Reuters.
The ride-hailing firm started its IPO roadshow on Monday, and it has had numerous meetings with investors based in New York.
These positive developments show that the investors are looking beyond the uncertainties of Lyft’s path to profitability.
It has set an indicative IPO price range of $62 to $68, and it is set to price the IPO on March 28.
Lyft had said it seeks to raise to $2 billion in its IPO at a fully diluted valuation of as much as $23 billion.
Meanwhile, its rival firm, Uber Technologies Inc, which has been valued by investment bankers at as much as $125 billion, is planning to start its IPO in April.